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Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and due from banks $ 10,547 $ 10,633
Interest-bearing deposits in banks 45,494 36,583
Total cash and cash equivalents 56,041 47,216
Federal funds sold and securities purchased under reverse repurchase agreements 5,451 5,727
Investment securities available-for-sale, at fair value (amortized cost $165,341 and $174,597; net of allowance for credit losses of $- and $-) 161,314 167,888
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $- and $-, (fair value 2025 - $602, 2024 - $642) 632 682
Federal Home Loan Bank stock, at cost 1,978 1,256
Loans and leases held for investment 848,335 823,039
Less: allowance for credit losses on loans and leases 10,405 10,184
Net loans and leases held for investment [1] 837,930 812,855
Premises and equipment, net of accumulated depreciation 24,558 24,803
Cash surrender value of bank-owned life insurance 17,145 17,056
Accrued interest receivable 3,763 3,588
Goodwill and core deposit intangible, net 7,465 7,484
Other real estate owned 1,328 1,509
Other assets 9,362 11,022
Total assets 1,126,967 1,101,086
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Non-interest-bearing 153,747 155,945
Interest-bearing 808,205 816,612
Total deposits 961,952 972,557
Accrued interest expense 1,698 1,751
Other liabilities 6,196 7,282
Short-term borrowings 45,000 10,000
Long-term borrowings 10,890 10,872
Total liabilities 1,025,736 1,002,462
Shareholders’ equity:    
Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,899,625 and 7,840,348 shares issued, respectively; 5,739,286 and 5,696,17 shares outstanding, respectively 79 78
Additional paid-in capital 15,308 15,540
Accumulated other comprehensive loss, net of tax (2,674) (4,344)
Retained earnings 118,236 116,865
Less treasury stock: 2,160,339 and 2,144,177 shares at cost, respectively (29,718) (29,515)
Total shareholders’ equity 101,231 98,624
Total liabilities and shareholders’ equity $ 1,126,967 $ 1,101,086
[1] Loans are presented net of unearned income and unamortized deferred fees and costs of $0.8 million as of both March 31, 2025 and December 31, 2024. In addition, loans are also presented net of unamortized premiums associated with indirect loans of $13.7 million and $10.6 million as of March 31, 2025 and December 31, 2024, respectively.